Inflation under Joe Biden
Inflation (CPI, year over year) · Democratic · Jan 20, 2021 – Jan 20, 2025
Under Joe Biden, inflation averaged 5.0%, against 1.9% in the four years before. That is the 2nd-highest average of the 8 completed terms since 1977.
Percent change in the Consumer Price Index for All Urban Consumers versus the same month a year earlier. Source: Bureau of Labor Statistics, via FRED CPIAUCSL. Monthly data, fetched Oct 19, 2026. The chart runs from four years before the term to two years after it.
Inflation under Biden, year by year
Highest reading during the term: 9.0% in Jun 2022. Lowest: 1.7% in Feb 2021.
| Year | Average |
|---|---|
| 2021 (Feb–Dec) | 5.0% |
| 2022 | 8.0% |
| 2023 | 4.1% |
| 2024 | 3.0% |
Inflation under every president
Terms sorted by their average, highest first, each next to the average over the four years before it. A term's first year mostly reflects the previous administration's policies, and Congress, the Fed and the world economy move this number too. Why nothing here is a score.
| President | During term | 4 years before |
|---|---|---|
| Jimmy Carter 1977–1981 | avg 9.8% | avg 8.1% |
| Joe Biden 2021–2025 | avg 5.0% | avg 1.9% |
| Ronald Reagan 1981–1989 | avg 4.6% | avg 9.8% |
| George H. W. Bush 1989–1993 | avg 4.4% | avg 3.3% |
| Donald Trump (2nd term) 2025–present | avg 3.0% so far | avg 5.0% |
| George W. Bush 2001–2009 | avg 2.8% | avg 2.3% |
| Bill Clinton 1993–2001 | avg 2.6% | avg 4.4% |
| Donald Trump (1st term) 2017–2021 | avg 1.9% | avg 1.1% |
| Barack Obama 2009–2017 | avg 1.4% | avg 3.3% |
Every term lined up from inauguration day on one chart · Inflation by president since 1980
Events during the term that bear on inflation
- Mar 11, 2021 LawAmerican Rescue Plan. About $1.9 trillion in relief, including a temporarily expanded child tax credit and larger ACA premium subsidies.
- Mar 16, 2022 Federal ReserveFed begins raising rates. First of eleven rate hikes over 2022–23 to fight post-pandemic inflation.
- Aug 16, 2022 LawInflation Reduction Act. Clean-energy tax credits, Medicare drug-price negotiation and a corporate minimum tax.